Japan Specialist

Mark Chadwick

Thematic (Sector/Industry)

<ul>
<li>US stocks closed mixed after November jobs added 64k (beat) but unemployment rose to 4.6%; Nasdaq +0.2% on Tesla record, S&amp;P -0.2%, Dow -0.6%; Ford took $19.5bn EV pivot charge.</li>
<li>Mitsui &amp; Co. (8031 JP) completed ¥800bn investment for 40% in Rhodes Ridge iron ore JV; production from 2030 at 40-50mtpa initially, expanding &gt;100mtpa;</li>
<li>ASKA Pharmaceutical trades below book value and at sub-6x EV/EBITDA with &gt;20% net cash; improved capital allocation, and potential PE sale as catalysts.</li>
</ul>


US stocks closed mixed after November jobs added 64k (beat) but unemployment rose to 4.6%; Nasdaq +0.2% on Tesla record, S&amp;P -0.2%, Dow -0.6%; Ford took $19.5bn EV pivot charge.
Mitsui &amp; Co. (8031 JP) completed ¥800bn investment for 40% in Rhodes Ridge iron ore JV; production from 2030 at 40-50mtpa initially, expanding &gt;100mtpa;
ASKA Pharmaceutical trades below book value and at sub-6x EV/EBITDA with &gt;20% net cash; improved capital allocation, and potential PE sale as catalysts.


Ohayo Japan | Stocks Close Mixed as Jobs Growth Offset by Rising Unemployment

<ul>
<li>U.S. stocks edged lower as AI leaders slid, dragging the S&amp;P 500, Nasdaq and Dow, while investors rotated into cyclicals and healthcare ahead of key delayed U.S. economic data.</li>
<li>Activist investors plan to lift their stake in Fuji Media Holdings to up to 33.3% unless progress is made on selling or separating its real estate business.</li>
<li>Hogy Medical shares jumped 17% after reports Carlyle seeks a $1bn take-private, an attractive exit for shareholders amid activist pressure, stagnant sales and declining earnings.</li>
</ul>


U.S. stocks edged lower as AI leaders slid, dragging the S&amp;P 500, Nasdaq and Dow, while investors rotated into cyclicals and healthcare ahead of key delayed U.S. economic data.
Activist investors plan to lift their stake in Fuji Media Holdings to up to 33.3% unless progress is made on selling or separating its real estate business.
Hogy Medical shares jumped 17% after reports Carlyle seeks a $1bn take-private, an attractive exit for shareholders amid activist pressure, stagnant sales and declining earnings.


Ohayo Japan | U.S. Stocks Slip as AI Leaders Weigh

<ul>
<li>
U.S. stocks fell Friday as technology led declines on AI concerns, Treasury yields steepened ahead of key data, and gold extended gains to around $4,300 an ounce.</li>
<li>
Week Ahead: Bank of Japan’s December 19 meeting, with a widely expected 25bp rate hike supported by persistent inflation and improving domestic data</li>
<li>As investors rotate from AI, undervalued Kubota has lagged peers but shows improving cash flow, with a likely FY2025 beat and focus on returns in February’s mid-term plan.</li>
</ul>



U.S. stocks fell Friday as technology led declines on AI concerns, Treasury yields steepened ahead of key data, and gold extended gains to around $4,300 an ounce.

Week Ahead: Bank of Japan’s December 19 meeting, with a widely expected 25bp rate hike supported by persistent inflation and improving domestic data
As investors rotate from AI, undervalued Kubota has lagged peers but shows improving cash flow, with a likely FY2025 beat and focus on returns in February’s mid-term plan.


Ohayo Japan | Tech Drags as AI Concerns Resurface

<ul>
<li>
CLOSES: TPX +1.8%, NKY +0.7%, JPY 155.85 (+0.50), JGB 1.95% (unch). Topix hits new all-time high</li>
<li>
SECTORS: Securities +6.3%, Autos +6.2%, Wholesale +5.3% | Precision -0.2%, Telco -1.6%, Other Prod. -2.3%</li>
<li>
WEEK AHEAD: Tankan (Mon), Flash PMI (Tue), Balance of Trade (Wed), CPI (Fri), BoJ Interest Rate Decision (Fri)</li>
</ul>



CLOSES: TPX +1.8%, NKY +0.7%, JPY 155.85 (+0.50), JGB 1.95% (unch). Topix hits new all-time high

SECTORS: Securities +6.3%, Autos +6.2%, Wholesale +5.3% | Precision -0.2%, Telco -1.6%, Other Prod. -2.3%

WEEK AHEAD: Tankan (Mon), Flash PMI (Tue), Balance of Trade (Wed), CPI (Fri), BoJ Interest Rate Decision (Fri)


Japan Strategy Weekly | BoJ Hike Anticipated Amid Manufacturing Rebound and Services Inflation

<ul>
<li>S&amp;P 500 hit record highs while tech lagged, with the Nasdaq down 0.25% as investors rotated out of the sector following the Fed’s rate cut and Oracle’s 11% drop. 
</li>
<li>
Broadcom Q4 revenue hit record $18.0bn (+28% YoY) on AI semis +74% YoY; guides Q1'26 revenue $19.1bn with AI semis doubling to $8.2bn and adj. EBITDA 67%.</li>
<li>
Nintendo faces Switch 2 margin pressure from surging DRAM costs exceeding 20% of BOM by 2026, risking hardware gpm below 10% and earnings cuts.</li>
</ul>


S&amp;P 500 hit record highs while tech lagged, with the Nasdaq down 0.25% as investors rotated out of the sector following the Fed’s rate cut and Oracle’s 11% drop. 


Broadcom Q4 revenue hit record $18.0bn (+28% YoY) on AI semis +74% YoY; guides Q1'26 revenue $19.1bn with AI semis doubling to $8.2bn and adj. EBITDA 67%.

Nintendo faces Switch 2 margin pressure from surging DRAM costs exceeding 20% of BOM by 2026, risking hardware gpm below 10% and earnings cuts.


Ohayo Japan | US Equities Hit Records as Tech Retreats

Over 20 years experience in equities and asset management in Asia and Japan. Qualified CFA with experience analyzing companies as a buy-side analyst. In-depth knowledge of company fundamental analysis, corporate governance and valuations.

Mark Chadwick
Japan Specialist

Ohayo Japan | Stocks Close Mixed as Jobs Growth Offset by Rising Unemployment

US stocks mixed on jobs data, Nasdaq up on Tesla record, S&P down; Ford takes $19.5bn EV charge; Mitsui invests in iron ore JV; ASKA Pharma...

Mark Chadwick

Ohayo Japan | U.S. Stocks Slip as AI Leaders Weigh

U.S. stocks dip as AI leaders falter, investors shift to cyclicals and healthcare; activist investors eye Fuji Media Holdings stake increase; Hogy...

Mark Chadwick

Ohayo Japan | Tech Drags as AI Concerns Resurface

U.S. stocks fall on AI concerns, Treasury yields rise, gold hits $4,300. Bank of Japan expected to hike rates, Kubota shows promise with improving...

Mark Chadwick

Japan Strategy Weekly | BoJ Hike Anticipated Amid Manufacturing Rebound and Services Inflation

Stocks in Japan close higher with Topix hitting a new all-time high, sectors like securities and autos see gains, upcoming economic data includes...

Mark Chadwick

Ohayo Japan | US Equities Hit Records as Tech Retreats

S&P 500 hits record highs as tech lags, Nasdaq down 0.25% due to sector rotation post-Oracle's 11% drop. Broadcom's Q4 revenue hits record $18.0bn...

Mark Chadwick

Ohayo Japan | Stocks Close Mixed as Jobs Growth Offset by Rising Unemployment

​US stocks mixed on jobs data, Nasdaq up on Tesla record, S&P down; Ford takes $19.5bn EV charge; Mitsui invests in iron ore JV; ASKA Pharma...

Mark Chadwick

Ohayo Japan | U.S. Stocks Slip as AI Leaders Weigh

​U.S. stocks dip as AI leaders falter, investors shift to cyclicals and healthcare; activist investors eye Fuji Media Holdings stake increase; Hogy...

Mark Chadwick

Ohayo Japan | Tech Drags as AI Concerns Resurface

​U.S. stocks fall on AI concerns, Treasury yields rise, gold hits $4,300. Bank of Japan expected to hike rates, Kubota shows promise with improving...

Mark Chadwick

Japan Strategy Weekly | BoJ Hike Anticipated Amid Manufacturing Rebound and Services Inflation

​Stocks in Japan close higher with Topix hitting a new all-time high, sectors like securities and autos see gains, upcoming economic data includes...

Mark Chadwick

Ohayo Japan | US Equities Hit Records as Tech Retreats

​S&P 500 hits record highs as tech lags, Nasdaq down 0.25% due to sector rotation post-Oracle's 11% drop. Broadcom's Q4 revenue hits record $18.0bn...

Mark Chadwick

US stocks mixed on jobs data, Nasdaq up on Tesla record, S&P down; Ford takes $19.5bn EV charge; Mitsui invests in iron ore JV; ASKA Pharma...

U.S. stocks dip as AI leaders falter, investors shift to cyclicals and healthcare; activist investors eye Fuji Media Holdings stake increase; Hogy...

U.S. stocks fall on AI concerns, Treasury yields rise, gold hits $4,300. Bank of Japan expected to hike rates, Kubota shows promise with improving...

Stocks in Japan close higher with Topix hitting a new all-time high, sectors like securities and autos see gains, upcoming economic data includes...

S&P 500 hits record highs as tech lags, Nasdaq down 0.25% due to sector rotation post-Oracle's 11% drop. Broadcom's Q4 revenue hits record $18.0bn...